Barclays has announced it will be reducing rates across its residential, remortgage, buy-to-let and reward range of products from tomorrow.

It is the second time it has cut rates in the space of a week since the Bank of England made the surprise decision to freeze the base rate.

The lender’s residential remortgage two-year fixed products at 60% LTV will be reducing from 5.88% to 5.28%

Meanwhile, two-year fixed remo rates at 75% LTV will decrease from 5.93% to 5.39% and two-year reward fixed rates at 85% LTV will be cut from 6.32% to 5.97%.

All the above come with a £999 product fee, a minimum loan size of £5k and maximum loan size of £2m.

Barclays is also cutting its residential (purchase only) two-year fixed rate at 85% LTV from 6.12% to 5.92%.

This comes with a £899 product fee, minimum loan size of £5k and maximum loan size of £2m.

Finally, two-year fixed BTL rates at 75% LTV will decrease from 6.42% to 6.27% and two-year fixes above 75% LTV will be cut from 6.80% to 6.46%.

Five-year fixed BTL rates above 75% LTV will be reduced from 6.21% to 5.96%.

All BTL products come with no fee, a minimum loan size of £5k and a maximum loan size of £1m.

John Charcol’s mortgage technical manager Nicholas Mendes said although Barclays had not broken the 5% barrier this week as other lenders have, the cuts were ‘a step in the right direction’.